AUS
NZ
UK
CA
USA
IND
_10_04_2024_16_38_50_427275.jpg)
Summary
- BlackBerry (TSX:BB) stocks skyrocketed on Tuesday after it announced its latest agreement with Amazon Web Services (AWS) to build and market its Intelligent Vehicle Data Platform (IVY).
- The stocks shot up nearly 19 per cent to close at C$ 9.08 on Tuesday, and are currently the top trending stock on the Toronto Stock Exchange.
- BlackBerry IVY, a cloud-connected software system, will be designed to provide automakers with a consistent way to read vehicle sensor data.
Stocks of Canadian cybersecurity company BlackBerry Limited (TSX:BB) ballooned to its highest level this year on Tuesday, December 1. The surge followed BlackBerry’s announcement of signing a multi-year agreement with Amazon Web Services (AWS) to build and market its Intelligent Vehicle Data Platform, which is being dubbed as IVY.
BlackBerry IVY, a cloud-connected software system, will be designed to provide automakers with a consistent way to read vehicle sensor data, said the company’s recent report. The information provided by this software platform will help enhance cloud-connected vehicles’ performances, it added.
BlackBerry stocks shot up nearly 19 per cent to close at C$ 9.08 on Tuesday and are currently the top trending stock on the Toronto Stock Exchange.
Let’s analyze this cybersecurity stock further to understand its recent performances.
A LITTLE BACKGROUND INTO BLACKBERRY’S BUSINESS
BlackBerry forayed into the business world as a smartphone manufacturer in the early 2000s. Soon, the Canadian company became a leader in the industry, with its handsets being a trendsetter among smartphone users.
When Apple Inc’ (NASDAQ:APPL) first iPhone hit the markets in 2007, BlackBerry did not seem it as a threat. The company continued to be a people please, recording a subscriber base of about 79 million users around the world as of December 2012.
However, BlackBerry’s downfall in the smartphone landscape had begun around with the advent of Apple and Android devices. Having lost a lion’s share of its popularity to the newcomers in the field, BlackBerry bowed out of the smartphone-manufacturing business in 2016 and concentrated on furthering its business in the cybersecurity ecosystem – a feature BlackBerry phones were consistently appreciated for.
BlackBerry has made a name for itself in the cybersecurity industry over the last few years. It has taken up major clients such as the United States Airforce, the Royal Canadian Mint, Amazon Inc, Vodafone Group, Saudi Financial Company, etc.
BLACKBERRY STOCK PERFOMANCE
BlackBerry shares are currently sailing high among the most active stocks on the TSX. The scrips garnered an average trading volume of 5.9 million in the last 10 days and of 2.9 million in the past month.
Stocks of Blackberry Limited are up nearly nine per cent this year. Since its March lows, the stock price rebounded about 36 per cent in the last six months and nearly 25 per cent in three months.
The cybersecurity stock gained attention around October after the Canadian government became a victim of major cybersecurity attacks around the months of July and August this year.
BLACKBERRY Q2 FY21 RESULTS
BlackBerry Limited’s revenue and the end of the second quarter of fiscal 2021 stood at US$ 259 million, up from that of US$ 244 million in Q2 FY20.
In the second fiscal quarter ending 31 August 2020, the company’s operating expenses was US$ 221 million. Its operating loss in the latest quarter amounted to US$ 22 million.
BlackBerry reported that its cash, cash equivalents and investments totaled to US$ 977 million by the end of August 2020. Its net cash generated from operating activities stood at US$ 31 million in Q2 FY21.
